Why is segmentation for a small business more refined than for a large business?

Business

1 answer:

andrew-mc [135]3 years ago

5 0

Answer:

d. identifying local market characteristics can help the business owner better reach the market

Explanation:

Market segmentation is classifying customers into smaller groups based on various characteristics. The characteristics may include age, gender, income levels, preferences, lifestyles, and geographical locations.

Small business operates within a certain geographical area. The business owner or managers probably live in that area. The owner understands the culture, needs, and wants of the customers. The small business can, therefore, provide the goods and services that will satisfy the needs of different groups of customers.

Because a small business operates in a smaller area, its customer's needs are less likely to extremely divergent. Small businesses can, therefore, create more refine segments than a large enterprise serving customers in different regions.

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